stupid_seb
Long

Closing the pennant ?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Trying something here: Market oversold and overbought in the past, making it difficult to adjust the support lines without taking into account the context and the news flow. (see 2 bear support lines and the 4 events where I believe the markets overreacted)

-> Current pennant is about to be closed. A short term return to $7,300 is possible in the following hours to finish the job.
Then, all time low MACD and RSI indicators will take their rights again and propel the price up to the next resistance (consensus around $10k).

Passed $10k is uncharted territory. EW analysis is your best enemy here (can be completely right or completely wrong...)
Comment: Small update: as forecasted we broke the pennant upwards.
The resistance line just became a support line.

We could be in bull territory.
$9,400 to $10,200 range is the next resistance, where we could see a possible retrace.
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